Buying a Real House – Loft Buyers Who Chose Single Family Homes
As prices in Downtown Los Angeles have already surpassed everyone’s expectations, and still continue to grow quickly, the average buyer can no longer afford the typical price in Downtown LA. Over the last month, the lowest price loft in the Arts District was a whopping $850,000 (today there is a steal on a Barker Block loft with plenty of light and view for a mere $629,000). No longer a bargain basement of abandoned industrial buildings adopted by starving artists, Downtown is now a luxury neighborhood, a place of upscale urban vibe that offers real lofts, concrete, brick and authentic Downtown dining and entertainment experiences that you cannot find in West L.A.
With the $600,000s being the new floor price for Arts District lofts, more buyers in the $250,000 to $500,000 range are now looking at neighborhoods outside of Downtown for the right price on cool condos in fun neighborhoods. When a prospective Downtown loft buyer ends up purchasing in a different neighborhood, they often still continue to aspire to eventually buy in Downtown. For those who cannot buy a Downtown dream loft today, buying a nearby condo or house is a stepping stone to allow the amazing dream loft to come true in the future. Buying in another great neighborhood protects the buyer from home price inflation. By owning another great home, the prospective loft buyer benefits from the higher prices, while most renters fall further behind the price curve.
Eager to get a better deal, they purchased homes located in the neighborhoods roughly between Downtown Los Angeles and Hollywood. They mostly chose houses with open concept kitchen-dining-living rooms, yet having traditional bedrooms with doors. Here’s what they have been buying instead when they did end up buying a Downtown lofts that they originally looked at: –
Pico-Union Neighborhood Adjacent to Downtown Los Angeles
This newly rebuilt house is a lofty-little 2-bedrom with bonus room. Just 5 minutes to Downtown, the living area is open-concept with high ceilings and real wood beams all for about $100,000 less than comparable Downtown lofts.
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Melrose Hill, East Hollywood Neighborhood – Five Minutes to Fun Hollywood Nightspots
Modern renovated small 2-bedroom single family home in East Hollywood, minutes to unlimited fun and excitement of Hollywood.
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Hancock Park Condo
This clean. affluent neighborhood is a quick walk to dining and fun shops on Melrose.
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Glassell Park 3-Story House with Views of Griffith Park
Unable to find a large enough loft with balcony and view, the buyer opted instead to purchase this large, Mt. Washington 3-story 3-bedroom house with pool, 2-car garage, entertainment room, grand vista of Griffith Park, and lots of windows and skylights.
Get more single family homes and condo alternatives to Downtown lofts in fun nearby neighborhoods. Fill out my Online Form.
Thank you for being part of the celebration of our 500th post on the LA Loft Blog! As a reward for being part of this milestone, you are about to receive some powerful real estate information that will help you easily beat the intense competition for Downtown real estate, and this article will give you the top 3 secrets for buying, selling and leasing Downtown lofts and condos.
Because our team started off helping renters nearly 15 years ago, I’d like to start by giving some valuable information for renters, including how to access up to three times as many amazing lofts and save hundreds of dollars a month. We will then tell buyers how to find twice as many lofts while saving thousands of dollars guaranteed, and then we will end this special post by telling Downtown sellers about a guaranteed home sale program for lofts and condos that gets sellers on average 2.2% more money 44% faster with less hassle for the seller.
For prospective renters, Downtown is a medium size neighborhood that is like a glazed donut. The outer edges is where new residents like to live, while the hole in the middle is Skid Row, where most loft renters usually try to avoid.
About 1/3 of the rental listings in Downtown Los Angeles are agent listings that are on the MLS, while the other 2/3 are managed communities that do not generally cooperate with agents. There is a way to get access to all 3/3 of the the rentals. That is with the paid 3-hour tour. What a lot of people do not know is that they can get help from a Downtown specialist Realtor to help ensure that they do not miss any of the unlisted loft rental bargains, save hundreds or even thousands of dollars, and if they are not satisfied with the paid tour, they can get their money back. When you do the math, the it makes sense to get access to the most rental listings and unlisted rentals to make sure you don’t miss out on the best deal.
Home buyers in Downtown can get a big edge over other buyers and save thousands of dollars by gaining priority access to proprietary information at no cost. This is done by taking part in the free home-hunter service called the VIP Buyer Program. This program allows buyers to get all of the listings from all real estate companies delivered into the buyer’s email daily as soon as the properties are listed. It also includes the largest number of unlisted properties or pocket listings, off-market properties that the general public does not access to because up to 45% of the best deals are are not on the MLS, not on the internet, and most agents and brokers do not have access to these pocket listings.
Two issues that Downtown buyers need to be aware of before seeing properties are the loft lending issues and the many lawsuits around Downtown lofts and condominiums. More than half of the properties for sale in Downtown are industrial or commercial loft conversions that are special exemptions created by the Los Angeles Adaptive Reuse Ordinance. Most residential lenders are not knowledgeable about lofts and have a delay, rate hike or complete failure of loft purchase transactions. The most common home buying disaster in Downtown is caused by this loft lending failure. A loft lender is usually required to ensure the success of a loft purchase transaction.
Another major issue with Downtown lofts and condos is caused by lawsuits and litigation. More than 20% of the listings that you see today involve properties that are currently were recently involved with a lawsuit. Because of this, an Downtown attorney or Downtown specialist Realtor should be consulted before seeing any properties so that the buyer is properly informed of the litigation and other issues surrounding the building and its homeowners association.
Sellers can get the most money for their property by using a service that attracts the largest number of buyers, and can generate an extra $10,000 or more by pre-marketing the property to VIP buyers before even putting he property on the MLS. This can generate a queue of buyers early that will help to ensure that there are multiple offers or even an exciting bidding war that drives up the price to its maximum level. While many agents are still arguing over whether or not to do a pocket listing, the top agents in Downtown will help sellers reach all buyers, and increase the chance of a quick sale by doing a unique combination of pocket listing and MLS listing to capture the best of both market types. Downtown homeowners can get the most accurate value of their home with a free online home evaluation.
>> MORE — Sign up to receive a free report with all of the details on these three Downtown real estate programs with LA Loft Blog’s Top Secrets for Renters, Buyers and Sellers. Fill out the online form:
